B.C. to Review Financial Services Legislation

The Province of B.C. is seeking input from stakeholders in the financial services sector, other interested parties, and members of the public, for consideration as part of a broad review of the Financial Institutions Act and the Credit Union Incorporation Act. The Financial Institutions Act provides the regulatory framework for credit unions, insurance companies and intermediaries, and trust companies, and the related Credit Union Incorporation Act provides the framework for incorporation and corporate governance of credit unions. The goal of this regulatory framework is to maintain stability and confidence in the financial services sector by reducing the risk of failures and providing consumer protection. The Financial Institutions Act and the Credit Union Incorporation Act contain requirements that a review be initiated every ten years to ensure the regulatory framework for the financial services sector remains effective, efficient and modern. The initial public consultation paper raises a number of important issues for discussion and provides an opportunity for input. It does not present conclusions or propose specific policy changes. A public report on the input received will be prepared and released after the consultation period has ended, and further public consultation will also be undertaken in a later phase of the review. This review forms part of the Ministry of Finance’s ongoing revision of important framework statutes in the corporate, real estate, pensions and financial services sectors. In recent years this process has resulted in several pieces of new or revised legislation. Submissions will be accepted by email or mail until Sept. 15, 2015. Ministry of Finance staff will be available to discuss the contents of their written submissions with stakeholders, and may follow up with stakeholders for further information. Minister of Finance Michael de Jong has asked Penticton MLA Dan Ashton, the Parliamentary Secretary for Finance, to participate in the public consultation process. MLA Ashton will also be available to meet with stakeholders on behalf of Minister de Jong to discuss their views about the issues raised in the initial public consultation paper.Quick Facts:

B.C. has 42 independent credit unions with more than 1.9 million members and over 8,400 employees.

B.C. credit unions hold more than $50 billion in insured deposits and have more than $60 billion in assets.

There are six B.C. incorporated insurance companies offering property and casualty insurance and two offering life insurance. In addition, there are 222 extra-provincial insurers authorized in the province.

B.C. has more than 800 property and casualty insurance brokerages that employ over 8,400 British Columbians, and an estimated 13,300 life and/or health insurance agents working from branch offices and agencies throughout the province.

There are five trust companies incorporated in B.C., and 40 federally incorporated and two provincially incorporated extra-provincial trust companies operating in the province.

Learn More: For more information on the review of the Financial Institutions Act and the Credit Union Incorporation Act and details about how to participate: www.fin.gov.bc.ca/pld/fiareview.htm

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